IRCTC slips as all passenger trains cancelled till 3rd May

IRCTC fell 1.66% to Rs 1,270 after the company said the cancellation of passenger trains services has been extended till 3 May 2020 in view of COVID 19 lockdown.

In continuation of the measures taken in the wake of COVID-19 Lockdown, all passenger train services shall continue to remain cancelled till 3 May 2020, IRCTC said in a statement to the exchanges on 14 April 2020. To ensure the essential supplies in various parts of the country, movement of goods and parcel trains will continue. No booking of any type of tickets, including E-tickets shall be done till further advice. However, facility of online cancellation will remain functional for ticket bookings. All counters for ticket booking for UTS & PRS will remain closed till further orders. Full refund will be given for tickets for the bookings made for the trains cancelled. Full refund will also be there for those cancelling the advance bookings of tickets for trains not yet cancelled, it added.

As far as trains cancelled upto 3 May 2020 is concerned, the refunds would be automatically remitted by the railways online to the customers while those who have booked across the counters, refund can be taken upto 31 July 2020, it said.

Prime Minister Narendra Modi on 14 April 2020, extended a nationwide lockdown until 3 May to contain the spread of the coronavirus. Under the lockdown, only essential businesses - such as groceries and pharmacies - are allowed to remain open. City transport services are limited to emergency staff and those with special travel passes. All trains and flights have been suspended.

IRCTC's net profit surged 179.62% to Rs 205.80 crore on a 64.59% jump in net sales to Rs 715.98 crore in Q3 December 2019 over Q3 December 2018.

IRCTC, a Mini Ratna public sector enterprise under the administrative control of Ministry of Railways, is the sole entity authorized by Indian Railways (IR) to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India. IRCTC operates in four business segments, namely, internet ticketing, catering, packaged drinking water and travel & tourism.

As of 31 December 2019, the Government of India held 87.40% stake in the company.

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